DAX maintains bearish outlook
A similar picture prevails for the index here, although with the market still broadly oversold intraday downside may be limited. The 9800 area also intervenes as a possible area where buyers may attempt to muster a rally.
It would likely take a move back above 10,000 to reverse the ongoing bearish picture, with a move below 9775 taking us on to 9523.
S&P 500 risks fresh selling
If the index fails to push on above 2065/2070 then it will leave itself vulnerable to fresh selling, with an initial target around yesterday’s lows of 2045 a first target, and then on towards 2010.
The ‘golden cross’ seen in late April continues to fail dismally, but so long as the 50-day holds above the 200-day we would expect a fresh rally to materialise soon. It will, however, need a move above 2080 to confirm that the bulls are back in charge.